Global Parking Management Solutions Market Size, Share, Growth Insight, Trends and Report 2024-2031
Global Parking Management Solutions Market is growing at a CAGR of 10.7% during the forecast period 2024-2031
(EMAILWIRE.COM, February 27, 2025 ) Global Parking Management Solutions Market is expected to grow at a CAGR of 10.7% during the forecasting period 2024-2031
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Market Dynamics
Rising Urbanization and Vehicle Growth Drive the Global Parking Management Solutions Market
The growth of the global parking management solutions market is primarily driven by increasing parking challenges, particularly in urban areas. In developing economies, domestic migration is accelerating the shift from rural to urban living. However, many cities are not adequately planned to accommodate the influx of new residents. As globalization transforms these cities into key economic hubs, parking infrastructure struggles to keep pace with rising demand.
For instance, nearly 31% of India’s population currently resides in urban areas. Urbanization in India is largely concentrated in cities with populations exceeding 100,000. The number of cities with over 1 million residents has grown from 35 in 2001 to 53 in 2011, accounting for 43% of the urban population. This figure is expected to reach 87% by 2030. According to the International Energy Agency (IEA), by 2050, India will require an estimated 10,000 to 20,000 square kilometers of surface parking an area 35 times the size of Mumbai or nearly as large as the state of California.
Additionally, the rapid increase in vehicle ownership has exacerbated parking shortages, further highlighting the need for smart and efficient parking solutions. As a result, the demand for advanced parking management systems is expected to be a key driver of market growth over the forecast period.
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Market Segments
• By Product (Revenue management, Security and surveillance, Access control, Reservation management and Others)
• By Type (Off-street parking, On-street parking)
• By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
Market Regional Share
Geographic Analysis of the Global Parking Management Solutions Market
The global parking management solutions market is segmented by region into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East & Africa (MEA).
In 2018, North America held the largest market share. According to INRIX, in 2017, U.S. drivers spent approximately 17 hours per year searching for parking spots—equating to an estimated $345 per driver in wasted time, fuel, and emissions. These figures highlight the growing strain on parking infrastructure, underscoring the need for efficient parking management solutions.
Furthermore, rapid infrastructure development in North America is expected to support market growth. For example, in Mexico, the government is planning to establish Special Economic Zones (SEZs) to drive economic development, which will further increase the demand for parking management systems.
APAC is projected to witness the highest compound annual growth rate (CAGR) over the forecast period. This growth is primarily fueled by rapid urbanization, a booming residential and commercial real estate sector, a growing middle-class population, and increasing awareness of smart parking solutions. Rising disposable income and technological advancements are also driving adoption in the region.
For instance, in 2019, Beijing Capital International Airport tested China’s first intelligent robotic parking system, featuring 132 parking spaces and eight autonomous robots. This innovation is expected to alleviate parking difficulties, particularly for drivers with limited parking skills or those struggling to find available spots efficiently.
Market Key Players
Key players are Amano, Kapsch TrafficCom, Siemens, SKIDATA, Swarco, Q-Free, Inrix, Flashparking, Parkmobile, Tiba Parking and Urbiotica.
Download Free Sample PDF: https://www.datamintelligence.com/download-sample/parking-management-solutions-market
Market Dynamics
Rising Urbanization and Vehicle Growth Drive the Global Parking Management Solutions Market
The growth of the global parking management solutions market is primarily driven by increasing parking challenges, particularly in urban areas. In developing economies, domestic migration is accelerating the shift from rural to urban living. However, many cities are not adequately planned to accommodate the influx of new residents. As globalization transforms these cities into key economic hubs, parking infrastructure struggles to keep pace with rising demand.
For instance, nearly 31% of India’s population currently resides in urban areas. Urbanization in India is largely concentrated in cities with populations exceeding 100,000. The number of cities with over 1 million residents has grown from 35 in 2001 to 53 in 2011, accounting for 43% of the urban population. This figure is expected to reach 87% by 2030. According to the International Energy Agency (IEA), by 2050, India will require an estimated 10,000 to 20,000 square kilometers of surface parking an area 35 times the size of Mumbai or nearly as large as the state of California.
Additionally, the rapid increase in vehicle ownership has exacerbated parking shortages, further highlighting the need for smart and efficient parking solutions. As a result, the demand for advanced parking management systems is expected to be a key driver of market growth over the forecast period.
Customize Your Scope: https://www.datamintelligence.com/customize/parking-management-solutions-market
Market Segments
• By Product (Revenue management, Security and surveillance, Access control, Reservation management and Others)
• By Type (Off-street parking, On-street parking)
• By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
Market Regional Share
Geographic Analysis of the Global Parking Management Solutions Market
The global parking management solutions market is segmented by region into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East & Africa (MEA).
In 2018, North America held the largest market share. According to INRIX, in 2017, U.S. drivers spent approximately 17 hours per year searching for parking spots—equating to an estimated $345 per driver in wasted time, fuel, and emissions. These figures highlight the growing strain on parking infrastructure, underscoring the need for efficient parking management solutions.
Furthermore, rapid infrastructure development in North America is expected to support market growth. For example, in Mexico, the government is planning to establish Special Economic Zones (SEZs) to drive economic development, which will further increase the demand for parking management systems.
APAC is projected to witness the highest compound annual growth rate (CAGR) over the forecast period. This growth is primarily fueled by rapid urbanization, a booming residential and commercial real estate sector, a growing middle-class population, and increasing awareness of smart parking solutions. Rising disposable income and technological advancements are also driving adoption in the region.
For instance, in 2019, Beijing Capital International Airport tested China’s first intelligent robotic parking system, featuring 132 parking spaces and eight autonomous robots. This innovation is expected to alleviate parking difficulties, particularly for drivers with limited parking skills or those struggling to find available spots efficiently.
Market Key Players
Key players are Amano, Kapsch TrafficCom, Siemens, SKIDATA, Swarco, Q-Free, Inrix, Flashparking, Parkmobile, Tiba Parking and Urbiotica.
Contact Information:
DataM Intelligence
Sai Kiran
Tel: +1 877 441 4866
Email us
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DataM Intelligence
Sai Kiran
Tel: +1 877 441 4866
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results